Texas Hurt by Drop in Oil Prices.

PMI Services Flash  (April 2015)

– Index Level  57.8. Previous was 58.6.

Dallas Federal Reserve Manufacturing Survey  (April 2015)

– Business Activity Index -16.  Previous as -17.4.

As I discussed in my newsletter of Friday the big business in Texas is oil.  Low oil prices have led to lower well count and nothing being ordered for new wells.

Oil jobs have large jobs multilpliers and just as the oil boom was a very large factor in jobs growth over the past few years this decline in well count will hurt the overall jobs picture.